Anil Ambani–led Reliance Power and Reliance Infrastructure saw their shares edge higher on Tuesday, buoyed by strong Q2 results despite the ongoing Enforcement Directorate probe. Reliance Power rose 0.68% to ₹41.61, while Reliance Infra gained 2.77% to ₹191.75, reflecting improved investor sentiment amid the regulatory overhang. On Friday, the ADAG group clarified that the ED summons relate to a FEMA inquiry regarding a 15-year-old case linked to the Jaipur–Reengus (JR) Highway project, not allegations under PMLA.
According to the statement, the matter originated in 2010, with a dispute involving a road contractor. That year, Reliance Infrastructure Ltd awarded an EPC contract for building the Jaipur Ring Road (also known as the Jaipur–Reengus Highway). This was an entirely domestic project with no foreign exchange involved. The JR Toll Road has been fully completed, and since 2021, it has been managed by the National Highways Authority of India (NHAI). On November 3, ED announced that it has provisionally attached over 42 properties of the Reliance Anil Ambani Group worth more than ₹3,083 crore linked to various sections of the PMLA Act. The assets included 30 properties of Reliance Infrastructure, 5 properties of Adhar Property Consultancy Private, 4 properties of Mohanbir Hi-tech Build Private, 1 property each of Gamesa Investment Management Private, Vihaan43 Realty Private and a property of Campion Properties. The ED has asked Ambani to appear before the central probe agency today. According to sources, the agency declined his request to record his statement virtually and has insisted on a physical appearance.
Reliance Power has reported a net profit of ₹87 crore for the quarter ended September 30, supported by an increase in revenues. The company saw its total income growing to ₹2,067 crore during the quarter, up from Rs 1,963 crore in the year ago period. The board of the company also approved "seeking enabling resolution from members for raising up to $600 million through issue of foreign currency convertible bonds (FCCBs) to fund growth."Reliance Group has two prominent companies under its umbrella – Reliance Infrastructure and Reliance Power are debt-free with zero outstanding loans from banks or financial institutions. Over the last three months, the combined market capitalisation of Reliance Infrastructure and Reliance Power declined by over ₹15,000 crore, driven by rumour-mongering, speculative trading, and orchestrated misinformation. The credibility, intent, and funding of Cobrapost, and its associates therefore merit serious scrutiny.
Reliance Group on October 29, 2025, said that the corporate rivals appear to be orchestrating this alleged exercise with the malicious intent to tarnish the reputation of Reliance Infrastructure, Reliance Power and Anil D. Ambani. Their underlying motive is to influence public perception, and manipulate market sentiment to serve their own vested commercial interests.